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Property and Equipment, Net
 12 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
As of June 30, 2024 and 2023, property and equipment, net consisted of the following: 
As of June 30,
20242023
Land$44,279 $80,878 
Buildings2,261,150 69,049 
Equipment, furniture and fixtures1,163,361 159,786 
Leasehold improvements18,497 18,491 
Construction in progress4,142 3,066,785 
Total property and equipment, gross3,491,429 3,394,989 
Less accumulated depreciation and amortization(333,009)(87,828)
Total property and equipment, net$3,158,420 $3,307,161 
The property and equipment balances above include $156,234 and $236,593 of capital expenditure accruals (primarily related to Sphere construction) as of June 30, 2024 and 2023, respectively, which are reflected in Accounts payable, accrued and other current liabilities in the accompanying consolidated balance sheets. During the first quarter of Fiscal Year 2024, the Company placed $3,130,028 of construction in progress assets into service with the opening of Sphere in Las Vegas and began depreciating them over their corresponding estimated useful lives.
Depreciation expense on property and equipment was $252,706, $27,601 and $16,794 for Fiscal Years 2024, 2023 and 2022, respectively.
On November 21, 2023, the Company announced that it was formally notified by the Mayor of London that its planning application for a Sphere venue in Stratford, London was not approved. In light of this decision, the Company no longer plans to allocate resources towards the development of a Sphere in the United Kingdom. In connection with this decision, the Company recorded an impairment charge of $116,541 on construction in progress and land assets reported within the Sphere segment during the second quarter of Fiscal Year 2024. This charge is recognized in Impairment and other (losses) gains, net within the consolidated statements of operations for Fiscal Year 2024. The fair value of the land was determined using an estimate of the assumed exit value from a market participant perspective.